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Senate Passes Innovation Tax Incentive Legislation – 4 May 2016

Earlier today the Senate passed the Tax Laws Amendment (Tax Incentives for Innovation) Bill 2016. This Legislation which is expected to be in force on 1 July 2016 provides generous tax incentives for investment in eligible new innovative companies. Techboard Panel of Experts member and BDO partner Marc Loftus has prepared a summary of the bill that can be downloaded below.

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Signup to Techboard to stay informed.

Over the coming weeks Techboard will be bringing you updates about this important legislation and its application for both Companies and Investors and other developments relating to Investing in Australian Startup and Technology Companies.  Signup to Techboard to stay informed.

 

Techboard Team

4 May 2016

Techboard Update 21 April 2016

Techboard Problem Solvers Board

Techboard is now taking registrations from Problem Solvers who want to promote their services to Startups and Tech companies. Solvers (service providers) are only listed if they are validated by a company listed on Techboard by creating a connection describing the service, which the startup receiving the service can comment on. Once a company is validated the connection appears on both the Problem Solver’s and Company’s profiles. When we have more problem solvers registered we will activate the Board to enable startups and Tech companies to search for suitable Solvers. We feel that the approach we are taking with Problem solvers provides greater opportunity for Startups and Tech companies to have their profiles raised by their service providers who are incentivised to talk about what they have done to help a company listed on Techboard.

Find out more or Sign Up.

 

Website RefreshScreen Shot 2016-04-22 at 1.55.41 PM

Techboard’s Homepage has been updated with more videos including featured Companies and a new widgetised structure that enables us to add new components when they come on line such as the Problem Solvers Board. Check it out.

 

Techknow Invest Roadshow Videos

Videos from companies presenting at the Techknow Invest Roadshow are now available on Techboard. Just visit the homepage.

 

Announcements

It has been a busy few weeks for announcements on Techboard with 23 announcements since our last general update on 1 April. We have had product Launches, Team updates, rebrandings and news updates announced on the platform with too many to list here so here are some highlights.  All announcements are published on company profiles and can also be viewed here.

  1. iWebGate signs provider for NASA and US Air Force.
  2. Launching our New Explainer Video – Covocate.com
  3. iSignthis and Coinify deliver AML regulatory compliance for easily, instantly & securely buying bitcoin via cards
  4. Astron’s automated shark detection product Sentinel VDS featured in local media
  5. New Co-founders join My Storage
  6. Storekat listed as a top 5 to watch on ideashoist
  7. MiPlan is featured in National Mining Chronicle – March edition for product innovation
  8. PD Online rebrands as CourseGenius
  9. Launching our latest – Paytradie Explainer Video
  10. Norwood Systems TechKnow Roadshow Presentation April 2016
  11. Astron to develop intelligent shark detection system using drones
  12. Fleetsu – Exciting First Quarter
  13. Velpic Releases Mobile App
  14. Aeronavics and Australia’s Airscope form partnership

Innovation Tax Incentives Bill Analysis

On 16 March I published a post on the new Innovation Tax Incentives Bill and Screen Shot 2016-04-08 at 10.13.05 AMpromised to come back with more analysis. Our friends at BDO have done such an analysis and have concluded that while the legislation provides further incentive for investment in innovative start-ups, some of the eligibility requirements are overly restrictive and time consuming for start-ups to comply with.

Suffice it to say that the Bill is pretty complex, in terms of figuring out if a startup is an eligible company, with a points based formula, the possibility of rulings and with further rules able to be set by regulation. The investor eligibility rules are pretty complicated as well.

What is clear is both retail and sophisticated investors can benefit from the tax breaks on offer… but not equally… and investors investing too close to home (including founders) are not eligible.

Read More

Vocus Upstart Meet the Mentors night

Do you have a killer idea for Vocus Upstart, and want some expert feedback to focus in on your customer issue, market opportunity, product development or scaling potential?

Happening on April 11th at Spacecubed from 5:00pm-7:00pm, you will get the opportunity to meet a selection of our All-Star mentors and sit down with them for a 15 minute 1on1 - come along and discuss your ideas and get critical feedback.

Monday, Apr 114:45 PM—7:00 PMScreen-Shot-2016-02-26-at-4.58.41-PM.png
Spacecubed
Perth, Australia

Techboard Partners with Techknow Invest Roadshow

Techboard is pleased to announce that it has partnered with Techknow Invest Roadshow 2016. As part of this partnership Techboard will provide all companies presenting at the Roadshow with a profile on Techboard where content from the Techknow event can be viewed post conference by conference delegates and any investors from Western Australia who were unable to make the trip to the east coast.

Screen Shot 2016-03-31 at 11.49.25 AMThe partnership with the TechKnow Invest Roadshow also marks a milestone in Techboard’s mission to become the place for startups and tech companies from all over Australia to get noticed (until now companies needed to have a strong Western Australian connection to be eligible to list). The relationship will also strengthen Techboard’s position as a place to discover intelligence and insights on Australian technology companies and startups.

David Tasker from PPR said “We are keen to be partnering with Techboard and on the great work they are doing locally to raise the profile of the Western Australian startups and tech companies including with their Startup Ranking.”
Read More

Tax Incentives for Innovation Bill Introduced to Parliament

Today I received notification from Treasury that the Tax Incentives for Innovation Bill had been introduced to Federal Parliament. This was following a submission I made on behalf of Techboard to the recent Treasury consultation on the tax incentives pushing for a number of changes to the approach that had been advocated in the Treasury discussion paper including the removal of a suggestion that the tax incentive only be available to sophisticated investors. I have skim read parts of the Bill and Explanatory Memorandum and am pleased to report that retail investors will be able to access the Tax incentive, with some limitations including a $50,ooo limit on the amount that would be eligible.

We will be looking at the Bill in more detail and will report back soon.Screen Shot 2016-03-16 at 3.27.50 PM

If you want to read the First Reading version of the Bill and Explanatory Memorandum. Head over to Parliament’s Website Here.

 

 

Peter van Bruchem

Chief Startup Evangelist

Techboard

25th WAIITA Incite Awards 2016 applications closing soon

The Western Australian Information Technology and Telecommunications Alliance (WAITTA) - through the WA Branch of the Australian Computer Society Inc. - has been conducting an annual award since 1991. The purpose of the awards is to recognise outstanding performance and contributions by members of the ICT community in Western Australia.Screen Shot 2016-03-08 at 2.53.02 PM

INCITE spans ICT excellence across 10 awards recognising individual achievement, product innovation and project excellence. The INCITE Awards provide opportunities to both the companies at the cutting edge of technology innovation as well as leading professionals across the industry to be recognised and celebrated.

This year the awards are split into 10 categories including StartUp of the Year which is open to companies in the early stage of commercialisation that are high-growth, high-risk ventures that set out to find a scalable business model in a large market.

Vocus Upstart 2016 Launch Night March 15th

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After the highly successful 2015 program, Vocus Upstart is back for round two.

Vocus Upstart brings a world-class startup accelerator program to Perth and is all about helping you build a great tech start-up. 

You bring the passion, your idea for the next big thing in tech, and we'll help you bring your idea to life.

Register to attend the Vocus Upstart launch and information night on March 15th at Spacecubed where you will get the chance to find out key information, timelines, ask burning questions, network with other founders, and meet the mentors to get some early feedback on your ideas.

Unique opportunity for Perth’s healthtech startups

The Western Australian Angel Investors are hosting a healthtech investment education session on the evening of March 31st. The event will take place at the Northbridge Piazza with support from the City of Perth, and is targeting investors who are interested in investing in local health technology ventures.

There is an opportunity for one Techboard startup to take part in the panel session – Screen Shot 2016-03-02 at 2.29.00 PMthe panel of esteemed speakers includes Dr Martin Blake (angel investor and Chairman Perth Radiological Clinic and Resonance Health Ltd), Dr Marcus Tan (angel investor and CEO HealthEngine), Kath Giles (investment manager Brandon Capital Partners) and others. This is a fantastic opportunity to raise the profile of your healthtech company within the investment community.

If you are interested please contact Rafael at [email protected].